The global price of oil today, October 7; Brent was 71 dollars and 98 cents
reported by Mehr News Agency According to Reuters, the price of oil has increased in a situation where investors are considering the possibility of increasing the global supply of oil against the new economic stimulus of China as the world’s largest crude oil importer.
The price of a barrel of Brent North Sea oil increased by 38 cents, equivalent to 0.53%, to 71 dollars and 98 cents today. US West Texas Intermediate oil is trading at 51 cents, equivalent to 0.75% increase to 68 dollars and 18 cents. Brent oil has decreased by 3% and American oil by 5% in the past week, and the Central Bank of China on the day On Friday, with the aim of achieving 5% economic growth, he lowered the interest rate and injected liquidity into the country’s banking system.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ coalition plan to increase their production by 180,000 barrels per day from December 1.
The Financial Times reported on Wednesday that this decision is the result of Saudi Arabia’s determination to abandon the $100 oil target and regain market share.
The agreement between the opposition groups in Libya to end the fighting on Thursday will also cause more oil barrels to enter the market. This conflict had caused Libya’s crude oil exports to decrease from more than one million barrels last month to 400,000 barrels per day.
In America, some operators started their operations in the Gulf of Mexico after the rains of Hurricane Helen in Florida. In the meantime, the damage caused by the storm affects the demand for fuel in this state, which is the third largest gasoline consuming state in America.
